Karaoke file creation

[alra111]

I have gotten semi-decent results removing vocals from an MP3 in the hopes of using it for Karaoke. Is there any software (shareware or freeware preferably) for OS X that will allow me to add in the lyrics and highlight them Karaoke-style as the song plays and create a true CD-G compatible file?

I have considered simply importing the song into iMovie HD and adding titles, but maybe you guys know of something designed specifically for what I'm trying to do.

Thanks,
Alra111